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Debt Consolidation Loans - New York

Will Consolidation Without a Loan Help Pay Off Debt Faster?

Find Out with Your Free Debt Relief Analysis

Are you a New York resident looking for "debt consolidation loans" to get relief or to payoff your debts, including credit card debts and other types of unsecured debts (such as medical bills, department store charges, or even utilities)? If you are, you may be interested in finding out how much you could save without taking out a loan and adding to your debt -- and taking advantage of a variety of debt relief options that may meet your current needs.

These days, many consumers are getting relief from debts through debt consolidation, debt settlement, or debt consolidation loans. These debt relief methods have become popular alternatives to bankruptcy - which has a more damaging and longer lasting impact to personal credit. To find out which debt relief option is right for you and to calculate your potential monthly savings, total savings and the timetable to resolve your debts, simply estimate your debt amount online to get your free debt relief analysis and savings estimate.

What Does Debt Consolidation Mean?

The term "debt consolidation" represents a wide variety of debt relief options for many consumers. However, what it actually involves is combining, or "consolidating," credit card and unsecured debts into one, more affordable, and more manageable monthly payment made to a credit counseling agency. Many consumers also refer to debt consolidation as a debt management plan, or DMP. When you enroll in a debt consolidation program, credit counselors will review your finances, taking into account your debts, income, and then determine a reasonable amount that you can allocate to paying down your debts.

With a clearer understanding of your finances, credit counselors typically develop a strategy to help reduce your debts, and they do so by submitting proposals (on your behalf) to creditors asking for reduced interest rates, or the waiving or elimination of any late fees or penalties. The goal is to provide you with more lenient payment terms so that you can pay off your debts at an accelerated pace. Creditors that agree to the proposals are placed into the debt management plan.

The goal of debt consolidation is, with a single, more structured, and more affordable payment plan, you can, ideally, direct more of your payment to paying off the principal of your loans rather than just the interest - and eventually, reduce your debts sooner than if you continued making the monthly payments on your credit card debts at higher interest rates. If you are interested in finding out how much you can save every month through debt consolidation, request a free debt relief analysis and savings estimate - today. Start here.

What Are Debt Consolidation Loans?

Many consumers make the mistake of thinking that debt consolidation or debt management is the same as taking out a debt consolidation loan when, in fact, they are fundamentally two different approaches. As noted earlier, debt consolidation involves combining unsecured and credit card debts into a single, more affordable payment plan made to a credit counseling agency. In contrast, with a debt consolidation loan, you are combining all your high-interest debts into one, lower interest personal loan.

A debt consolidation loan involves taking unsecured debt and paying it off with funds that come via a "secured" loan. In other words, it is generally a loan where you would have put up your home or other asset as collateral. In many cases, consumers who get approved for a debt consolidation loan generally end up using their credit cards again. As a result, many of them will have new, high-interest credit card debts to deal with on top of their loan. In this scenario, a debt consolidation loan has generally made their debt situation go from bad to worse.

When you consider some of the hidden pitfalls that may occur when taking out a debt consolidation loan, it is generally wise to explore your other debt relief options - like debt consolidation - that not only helps you reduce your debts, but can also provide you with ideas on how to better manage your money.

How Much Can You Save With Debt Consolidation?

Each individual's debt situation is unique, as are the reasons for racking up high-interest credit card debts. For many consumers, the reasons may vary from having lost or reduced income, rising medical expenses, or an unexpected personal crisis. But regardless of the reasons, debt consolidation may be able to help manage your debts and potentially lead to savings.

However, the amount of savings that you can potentially get, every month, depends on how much you owe, the current interest rates that you are paying, and any late fees or penalties. With a debt consolidation program, you will be provided with a more structured and more lenient repayment plan that can help you pay off your debts sooner than if you only continued to make the minimum monthly payments and at a pace that you can manage.

That's why it is a smart move to find out how debt consolidation can help as well as compare your debt relief options. Request a free debt relief analysis and savings estimate - now to get you started.